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Petrochemistry

Gazprom Neft is a major Russian manufacturer of a number of basic petrochemical products — aromatic hydrocarbons, including benzene, paraxylene, orthoxylene and toluene and propane-propylene fraction products, including propylene liquefied petroleum gas. The Company’s products accounted for 17% of overall Russian consumption of aromatic hydrocarbons in 2014 and 32% of the Company’s cumulative exports.

Performance results in 2014

In 2014, the development strategy for the petrochemical business of Gazprom Neft was updated and the target benchmark for petrochemical sales was set at 1.8 mn tonnes per year by or before 2025.

1.24mn t
production of basic petrochemical products in 2014

The niche targets for the Company’s petrochemical business are basic products and derivatives. In order to generate additional profit by refining products from its own raw materials, oil and gas, Gazprom Neft is planning to increase the degree of refining for basic petrochemical products by modernising existing refinery facilities and implementing major investment projects for the construction of large-capacity production.

Sales of aromatic hydrocarbons produced by the Company totalled 391,000 tonnes in 2014, including 302,000 tonnes sold on the domestic market.

LPG production by the Company totalled 706,000 tonnes in 2014, including more than 335,000 tonnes of propane-propylene fraction used for advanced refining into polypropylene.

A transaction was concluded during the reporting year for the acquisition on a parity basis with OJSC SIBUR Holding of a 50% stake in LLC Poliom and approximately 97,500 tonnes of polypropylene were produced over seven months of 2014. The conclusion of this transaction guarantees the sale of propane-propylene fraction for a long time under cost-effective conditions.

LLC Neftekhimia SPE, a joint venture of Gazprom Neft and OJSC SIBUR Holding, underwent repairs that made it possible to improve the reliability of the facility. In addition, as part of the repairs a project was concluded for the replacement of the automated technological process control system, which will lead the company to new and increased production volumes. In 2014, LLC Neftekhimia SPE facilities manufactured 102,000 tonnes of polypropylene. The brand assortment was significantly expanded, which has resulted in greater margins and competitiveness for the company’s products.

Production of basic petrochemical products, mn t

Joining the ownership structure of LLC Poliom will enable Gazprom Neft to provide stable supplies of raw materials for the production of high-quality petrochemical products as well as improve the efficiency of our oil refining by providing added value during all stages of production.